....and the LBP in all of this?

oldschool

oldschool

Active Member
16% it’s probably frozen for more than a year right?
 
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  • shadow1

    shadow1

    Legendary Member
    Orange Room Supporter
    They are making you freeze it so that you won't ask to get it back anytime soon though right ?
    The most likely scenario is that they dont have it. On one side of the ledger they have a credit to you and the other side is a debit on the govt. If one goes so does the other.
     
    Leb_Rebel

    Leb_Rebel

    Legendary Member
    Orange Room Supporter
    The most likely scenario is that they dont have it. On one side of the ledger they have a credit to you and the other side is a debit on the govt. If one goes so does the other.
    Its a fact that the banks/BDL don't have enough physical doudou to match the deposits but thats normal.
    The question is how much do they have, and how long can they keep going if there's no new doudou coming In the country.
     
    shadow1

    shadow1

    Legendary Member
    Orange Room Supporter
    Its a fact that the banks/BDL don't have enough physical doudou to match the deposits but thats normal.
    That is correct. In this case though the one who borrowed most of the moeny is the govt and it is broke. There are tough measures to mitigate the problem but can you imagine what will happen it the govt were to take them ( and it has no other option) . A lousy 20 cent surchage on a whatsapp call ignited a revolution.
    The question is how much do they have, and how long can they keep going if there's no new doudou coming In the country.
    Tell me if Salameh were to tell you today they have so many dollars. do you believe him? The man says one thing in the morning to retract it in the afternoon.
    What you need more than anything now is a govt that inspires confidence and trust and the last time we had such a govt the French were still ruling the country.
     
    NMA

    NMA

    Well-Known Member
    Its a fact that the banks/BDL don't have enough physical doudou to match the deposits but thats normal.
    The question is how much do they have, and how long can they keep going if there's no new doudou coming In the country.
    it's "normal" when you can "print" doudous when needed.
    When this is foreign currency, you're kinda ****ed.
    3ala shway 7seb el LBP sar a7san men 7seb el $. At least you can withdraw your LBPs.
     
    shadow1

    shadow1

    Legendary Member
    Orange Room Supporter
    But isn’t everything frozen de facto
    You are absolutely right. Unfortunately I had some money in LL which had been on term deposit till the end of October and now it's free. I went to the bank today to see what I can do. They categorically ruled out sending any of it overseas even if your very life depends on it. However I still could withdraw it in LL without any restrictions(yet). To lock it up for a period of time which by the way increased by three months from my saturday visit, is not an option as my assessment of the financial situation is extremely bleak. I had to withdraw enough to buy me 10 k usd from the sayrafiyyeh (four of them and I paid between 1790-1826)I will continue to do this daily until i have no money left in the bank. I figured better lose 20% now than 90 or 95 percent or even a 100% later should the banks inevitably collapse.
    The Ponzi scheme has now unraveled.
     
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    Raficoo

    Raficoo

    Well-Known Member

    ارتفع سعر صرف الدولار مقابل الليرة اللبنانية ليتراوح بين 1780 ليرة و 1850 ليرة خصوصاً بعد اقفال المصارف ابوابها في عدد من المناطق وزيادة الطلب على الدولار بسبب تخوف المواطنين من استمرار هذه الأزمة
     
    NMA

    NMA

    Well-Known Member
    Can someone please ELI5 why we are allowed to pay in USD in Lebanon ?
     
    Dr. Strangelove

    Dr. Strangelove

    Nuclear War Expert
    Orange Room Supporter
    You don't understand that the problem is beyond calming panic. A problem that has been brewing for 30 years cannot be solved by simply another government.
    Don't moves like this buy us time, though? Postpone the collapse so that we can enact a solution... Or am I missing something here?
     
    Venom

    Venom

    Legendary Member
    Unofficially , the Lebanese banking system has collapsed ....
     
    Danny Z

    Danny Z

    Legendary Member
    Don't moves like this buy us time, though? Postpone the collapse so that we can enact a solution... Or am I missing something here?
    It is not a government that is going to solve the problem, the only thing immediate that can "solve" the problem is let the dollar float. Or get an immediate aid from World Bank but I don't see how this aid would not be an immediate patch to what can potentially move from a TNT bomb to a nuclear bomb exploding later. The LBP needs to be devaluated so that businesses find lebanon attractive for investment. Also the rule of law should be maitained so that business can invest knowing that rules of competition can be maintained by the rule of law in Lebanon.
     
    I

    illusion84

    New Member
    It is not a government that is going to solve the problem, the only thing immediate that can "solve" the problem is let the dollar float. Or get an immediate aid from World Bank but I don't see how this aid would not be an immediate patch to what can potentially move from a TNT bomb to a nuclear bomb exploding later. The LBP needs to be devaluated so that businesses find lebanon attractive for investment. Also the rule of law should be maitained so that business can invest knowing that rules of competition can be maintained by the rule of law in Lebanon.
    20 cents on whatsapp caused a revolution what do you think that the devaluation of lira would do ?

    Imagine your savings and your salary cut by 2 or by 3!
     
    M

    motorhead

    Member
    20 cents on whatsapp caused a revolution what do you think that the devaluation of lira would do ?

    Imagine your savings and your salary cut by 2 or by 3!
    It already is. You think when you go in the shop you are buying products bought in USD at 1500LL? Everyone multiplies the price by 1800LL/rate of the day and gives you the price in LL.

    The true price of the USD is the black market price.
     
    V

    Viral

    Member
    I got 16% on USD last month...Shakla kharyene w i will never see my money again! ?‍♂
    That's the eye opener.
    People don't question what seems to be too good to be true if they like the tune of it be it economical or political misguidance as we see trolls distracting the ignorant masses with Bassil while suppressing and camouflaging the true actors who drove us all here.
    Lebanese banks cannot print USD. Where do they get those dollars to service their debt in USD? It has to come from expatriates as long as they have confidence in the banking system, having the thieves return the stolen money or accept it from the world bank and IMF after succumbing to conditions against the best interest of the Lebanese people in the long term like postponing the return of the Syrian refugees. That's why GMA and Bassil are the main targets and our useful idiots are crucifying their Jesus all over again...
    I for one don't believe the objective is to kill the country completely. The objective is to put it on its knees then bailing it out (not through real reform and returning stolen money) with horrible conditions. Masters don't make use for dead slaves, only obedient hard working slaves is the name of their game.
     
    I

    illusion84

    New Member
    That's the eye opener.
    People don't question what seems to be too good to be true if they like the tune of it be it economical or political misguidance as we see trolls distracting the ignorant masses with Bassil while suppressing and camouflaging the true actors who drove us all here.
    Lebanese banks cannot print USD. Where do they get those dollars to service their debt in USD? It has to come from expatriates as long as they have confidence in the banking system, having the thieves return the stolen money or accept it from the world bank and IMF after succumbing to conditions against the best interest of the Lebanese people in the long term like postponing the return of the Syrian refugees. That's why GMA and Bassil are the main targets and our useful idiots are crucifying their Jesus all over again...
    I for one don't believe the objective is to kill the country completely. The objective is to put it on its knees then bailing it out (not through real reform and returning stolen money) with horrible conditions. Masters don't make use for dead slaves, only obedient hard working slaves is the name of their game.
    And what are you going to do about it ?
     
    V

    Viral

    Member
    Something i dont understand. The banks are making huge profits every year. the central bank keeps on giving the gov money how are they broke?
    Aren't you the smart financial expert/advisor who knows it all and suggesting it's Okay for the USD shoot to $6000LL?
     
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